GRFS - CSL Limited: A Twindemic Can Unravel A Pricey Premium
Investment Thesis
CSL Limited (CSLLY) has yet to fully recover from the plasma shortages experienced during the lockdowns. The impact on production is likely to materialize just as elective surgeries resume. The influenza vaccine sales can pick up the slack as fears mount over a flu outbreak accompanying the pandemic. But the vaccine division, being much smaller with narrower margins, is unlikely to fully offset the bottom-line impact of a possible slowdown in plasma therapy production. Absent a COVID-19 vaccine, the pandemic can meanwhile see a flare-up leading to subsequent lockdowns, which can